The qualification agency raised the qualification of Petróleos Mexicanos (Pemex) of “B3” to “B1”, citing the efforts of the government of President Claudia Sheinbaum to address the debt of 100 billion dollars of the state company.
The perspective is stable, said Moody’s.
“The improvement of the qualifications reflects a greater commitment to the current Government of Mexico to support Pemex in the fulfillment of its financial obligations,” according to Roxana Muñoz, a senior credit officer of Moody’s Ratings.
In addition to the government’s plan to help Pemex, announced about a month ago, Moody’s also mentioned the company’s proposal to repurchase almost 10 billion dollars in bonds in circulation, which will be financed by the Shinbaum administration.
This is the second improvement of the Pemex qualification in approximately six weeks.
In August, Fitch Ratings raised the company’s qualification after Mexico sold $ 12 billion in global debt markets to strengthen the oil company. Before that, the last improvement of Fitch – which the government stopped paying to qualify Pemex in 2021 – was 12 years ago.
Fitch now has Pemex in “BB”, two levels below the investment grade, and placed it in positive observation after the company announced last week that plans to repurry some of its bonds in circulation.
S&P Global Ratings, which has a more generous vision of government support, has Pemex two levels above garbage rating with a stable perspective.
Moody’s had placed the qualifications of the oil company under review for an improvement last month, citing the ambitious strategic plan implemented by the Sheinbaum administration.
Under the strategy, the Government said that Pemex hopes to reach financial self -sufficiency by 2027, drives production partly through associations with private companies and reduces debt at approximately 13 billion dollars by the end of 2025.
The Administration also promised to start paying the contractors of oil fields and equipment suppliers to which thousands of millions are owed and said that it will resort to an investment vehicle of 250 billion pesos (13 thousand 300 million dollars) that will be established with the support of the local development and commercial banking.
The company’s dollar bonds included in a Bloomberg index of debt in development markets have had a performance of more than 21% on average this year, compared to an average yield of approximately 8% for their global peers, since money administrators trust that Sheinbaum addresses long -standing problems in Pemex.
With Reuters information.
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